Group makes High Court bid for government compensation for lost savings after pensions schemes go bust

A group of people who lost their pensions are at the High Court today trying to get the government to compensate workers who lost savings when their occupational schemes went bust.

The pensioners want the court to decide whether the government was right to disregard the findings of a Parliamentary Ombudsman’s report last year.

The report called on the government to compensate people who had lost their company pensions. An estimated 85,000 workers lost all or part of their pensions when their schemes collapsed.

The Ombudsman concluded that the government’s pension advice was “sometimes inaccurate, often incomplete, largely inconsistent and therefore potentially misleading”.

The judicial review is expected to last two days, and it is likely that the judgment will be held over to a later date.

If the court rules in favour of the four people, the government could have to pay out hundreds of millions of pounds.

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